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Leveraging Solutions for Advancing Circular Economy Strategies: An Overview
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Author(s): R. Purushothaman (SASTRA University, India), R. Alamelu (SASTRA University, India)and M. Sudha (SASTRA University, India)
Copyright: 2025
Pages: 22
Source title:
Fostering Economic Diversification and Sustainable Business Through Digital Intelligence
Source Author(s)/Editor(s): Purvi Pujari (D.Y. Patil University, India), Shad Ahmad Khan (University of Buraimi, Oman), Anuj Kumar (Rushford Business School, Switzerland)and Arshi Naim (European Global Institute of Innovation and Technology, Malta)
DOI: 10.4018/979-8-3693-8492-3.ch014
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Abstract
Sustainability is crucial in addressing challenges like climate change, environmental degradation, and resource depletion. Digital solutions are essential in advancing circular economy strategies by enhancing efficiency, reducing waste, and promoting sustainable resource management. Digital twin technology, IoT, big data analytics, blockchain, AI, ML, 3D printing, smart manufacturing, circular supply chain platforms, and digital marketplaces for secondary materials are some of the digital tools that can be used to improve circular economy practices. Digital twins use sensors and real-time data to optimize operations, predict maintenance needs, and improve product lifecycle management. Big data analytics analyzes large datasets to identify inefficiencies and opportunities for resource optimization and waste reduction. Blockchain technology ensures traceability, transparency, and traceability in supply chains, while AI and ML use data to make predictions and decisions. These digital tools foster innovation, provide a competitive advantage, and promote sustainable practices.
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